Sasol cuts its dividend after strong rand takes its toll
Sasol cut its interim dividend by 16% to R4.80 from R5.70. Coupled to the government raising dividend withholding tax to 20% from 15%, this means Sasol shareholders will see the dividends they receive drop 21% to R3.84 from R4.85 per share. The chemical group’s turnover rose 0.5% to R85bn and its aftertax profit 13% to R9.4bn for the six months to end-December, Sasol said in its interim results statement released on Monday morning. Although basic earnings per share (EPS) grew 19% to R14.21, Sasol said its headline earning per share (HEPS) declined 38% to R15.12 due a stronger rand and a strike at the coal mine that supplies its Secunda synthetic fuel plant. At the start of the reporting period, Sasol promoted chief financial officer Bongani Nqwababa to joint CEO alongside Stephen Cornell. "Our Lake Charles Chemicals Project in the US is now 64% complete, and remains on track for start-up of the first units in the second half of 2018," Cornell said. "In Mozambique, we remain committe...
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